On December 5, the entertainment world was rocked when Netflix and Warner Bros. announced a massive deal setting Netflix up to purchase the legendary Hollywood studio, creating one of the largest media entities of all time. Today, Paramount Skydance—which has been vying for Warner Bros. for months—appears to be saying, “Not so fast.”

Paramount Skydance, the David Ellison-led company fresh off of its own merger earlier this year, has been circling around a potential buy-out of Warner Bros. Discovery (Warner Bros.’ parent company) since at least September. Last week, it appeared that Netflix was swooping in to snatch a large part of the deal. And now, Paramount Skydance has countered with a hostile takeover bid to secure Warner Bros. Discovery once and for all. Here’s everything you need to

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